The much expected road map for the desired growth and development of Nigeria’s mining industry has been approved by the Federal Executive Council. The document which highlighted the importance of the mining sector to the growth of the country’s GDP is in line with plan and determination of the present administration to diversify the economy in the face of the present economic crisis which to a very large extent was caused by over dependence on oil.
Dr Femi Kayode, the Minister in charge of the mining sector, made this known to Newsmen at the end of the federal executive council meeting on Wednesday. He was accompanied by the Minister of Information, Mr Lai Mohammed.
The minister said the road map which was an offshoot of that of 2012, approved the setting up of an independent agency to regulate the industry. He also informed reporters that the name of Ministry of Mining and Solid Minerals has also been changed to the Ministry of Mining and Steel Development.
Other decisions taken by the Federal Executive Council include the approval for the award contracts for the construction of a university library and international hall respectively University of Lagos and the University of Ibadan as well as the renewal of contract for the electronic wallet technology platform for delivery of fertiliser to small-holder farmers in Nigeria.
The government also assented to a bill for the 2016-2018 external borrowing rolling plan to be sent to the National Assembly.